BTM Cash-Secured Put Strategy
BTM (Bitcoin Depot Inc.), in the Financial Services sector, (Financial - Capital Markets industry), listed on NASDAQ.
Bitcoin Depot Inc. owns and operates a network of cryptocurrency kiosks in North America. It provides users to buy and sell bitcoin, litecoin, and ethereum cryptocurrencies; and engages in the sale of cryptocurrency to consumers at a network of retail locations through its BDCheckout product offering and through its website over the counter trade. The company was founded in 2016 and is headquartered in Atlanta, Georgia. Bitcoin Depot Inc. is a subsidiary of BT Assets, Inc.
BTM (Bitcoin Depot Inc.) trades in the Financial Services sector, specifically Financial - Capital Markets, with a market capitalization of approximately $10.1M, a beta of 3.13 versus the broader market, a 52-week range of 1.905-48.16, average daily share volume of 387K, a public-listing history dating back to 2022, approximately 126 full-time employees. These structural characteristics shape how BTM stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 3.13 indicates BTM has historically moved more than the broader market, amplifying both the directional payoff and the realized volatility relative to an index-equivalent position.
What is a cash-secured put on BTM?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
Current BTM snapshot
As of May 15, 2026, spot at $2.69, ATM IV 248.90%, IV rank 48.18%, expected move 71.36%. The cash-secured put on BTM below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this cash-secured put structure on BTM specifically: BTM IV at 248.90% is mid-range versus its 1-year history, so the credit collected on a BTM cash-secured put sits in line with its long-run distribution, with a market-implied 1-standard-deviation move of approximately 71.36% (roughly $1.92 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated BTM expiries trade a higher absolute premium for lower per-day decay. Position sizing on BTM should anchor to the underlying notional of $2.69 per share and to the trader's directional view on BTM stock.
BTM cash-secured put setup
The BTM cash-secured put below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With BTM near $2.69, the first option leg uses a $2.56 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed BTM chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 BTM shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Sell 1 | Put | $2.56 | N/A |
BTM cash-secured put risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
BTM cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put on BTM. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use cash-secured put on BTM
Cash-secured puts on BTM earn premium while a trader waits to acquire BTM stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BTM.
BTM thesis for this cash-secured put
The market-implied 1-standard-deviation range for BTM extends from approximately $0.77 on the downside to $4.61 on the upside. A BTM cash-secured put lets a trader earn premium while waiting to acquire BTM at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. Current BTM IV rank near 48.18% is mid-range against its 1-year distribution, so the IV signal is neutral; the cash-secured put thesis on BTM should anchor more to the directional view and the expected-move geometry. As a Financial Services name, BTM options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to BTM-specific events.
BTM cash-secured put positions are structurally neutral to slightly bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. BTM positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move BTM alongside the broader basket even when BTM-specific fundamentals are unchanged. Short-premium structures like a cash-secured put on BTM carry tail risk when realized volatility exceeds the implied move; review historical BTM earnings reactions and macro stress periods before sizing. Always rebuild the position from current BTM chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on BTM?
- A cash-secured put on BTM is the cash-secured put strategy applied to BTM (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. With BTM stock trading near $2.69, the strikes shown on this page are snapped to the nearest listed BTM chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are BTM cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the BTM cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 248.90%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a BTM cash-secured put?
- The breakeven for the BTM cash-secured put priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current BTM market-implied 1-standard-deviation expected move is approximately 71.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a cash-secured put on BTM?
- Cash-secured puts on BTM earn premium while a trader waits to acquire BTM stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning BTM.
- How does current BTM implied volatility affect this cash-secured put?
- BTM ATM IV is at 248.90% with IV rank near 48.18%, which is mid-range against its 1-year history. Strategy selection depends more on directional thesis and expected move than on a strong IV signal.